Mumbai Property Tax Rises by 15% on Average; Flats Under 500 Sq Ft Remain Exempt

BMC has raised property tax by 15% for the financial year 2025–26, which is the first revision in almost a decade. The increase comes due to the ready reckoner rate hike, which is used to estimate property values for taxation. Flats smaller than 500 sq ft are still exempt, following the respite provided in 2022.

 

1. Key Changes in Property Tax Structure

2. Exemptions and Relief Measures

3. Effect on Residents and Businesses

4. Future Outlook and Policy Adjustments

Sources: Hundustan Times, Times Now